Precious Metals

Red Pine Exploration Inc. (TSXV: RPX, OTCQB: RDEXF) ("Red Pine" or the "Company") is pleased to report on new and significant results from its 2022 Phase 1 exploration program (Figure 1).

  • Surluga South (Figures 1 and 2) – SD-21-312A confirms additional gold (Au) mineralization at depth with 8 g/t Au over 11.38 m between 640.69 and 652.07 m, including three high grade intersections of 57.99 g/t Au, 15.92 g/t Au and 9.33 g/t Au. Refer to Table 1.
  • Surluga North (Figures 1 and 3)– SD-22-321 expands gold mineralization beneath the current resource at the northern extension of the Surluga deposit with 8.46 g/t Au over 6.42 m between 219.79 and 226.21 m.  SD-22-326 intersected 11.19 g/t Au over 2.61 m. Refer to Table 2.

The exploration results continue to support the expansion of the current resources of the Wawa Gold Project along strike, dip and plunge.  Zones can achieve a notable grade and thickness of high-grade gold mineralization existing outside of the defined resources of the Surluga deposit. The current 2022 Phase 1 program has been advancing at an efficient pace with 14,864 m of drilling achieved year-to-date.

" The results from our 2022 drilling program continues to demonstrate the untapped potential of the Wawa Gold Project, having intersected notable mineralized regions in various exploration targets. As we carry on with the Phase 1 drill program at an efficient pace, the Jubilee Shear Zone which hosts the Surluga resource continues to produce impressive results which validates the continuation of the exploration drill program. " – Quentin Yarie, President and CEO of Red Pine Exploration.

Figure 1 – Surluga Resource
https://www.globenewswire.com/NewsRoom/AttachmentNg/ee0d7397-6a2d-4d16-a722-650e465a6afb

Surluga South – Extension of High-Grade Mineralization

Of significance is an intersection of strong quartz veining in the Surluga South extension down dip of the existing resource in SD-21-312A, encompassing three high-grade gold intersects: 9.33 g/t Au over 0.79 m, 57.99 g/t Au over 0.92 m and 15.92 g/t Au over 0.86 m (all lengths presented in true width (TW)).

Table 1 – Intersection in the Jubilee Shear Zone in the Surluga South area*

Hole From (m) To (m) Length (m) Est. True width Visible Gold Gold (g/t) Zone
SD-21-312A 640.69 652.07 11.38 10.35 8.00 Jubilee Shear Zone
Including
640.69 641.56 0.87 0.79 9.33
645.61 646.62 1.01 0.92 57.99
647.56 648.55 0.99 0.86 15.92
652.07 669.43 17.36 15.80 0.63
SD-21-313 786.31 787.30 0.99 0.73 3.81

Surluga North – Confirmation of Down Dip Gold Mineralization

At Surluga North, quartz veining with visible gold continues to expand high-grade gold mineralization down dip and along strike of the Surluga resource with 40.07 g/t Au over 1.18 m within 8.46 g/t Au over 6.42 m located above the Jubilee Shear Zone in hole SD-22-326. Intersections in holes SD-22-337 and SD-22-352 of the same system as the one intersected in SD-22-326 and SD-22-321, also contains visible gold (assays pending).

Table 2 – Surluga North Quartz Vein Network and Jubilee Shear Zone*

Hole From (m) To (m) Length (m)* Est. True width Visible Gold Gold (g/t) Zone
SD-22-321 219.79 226.21 6.42 Yes 8.46 Surluga North - Quartz vein network (released March 30, 2022)
Including
225.03 226.21 1.18 Yes 40.07
281.33 287.27 5.94 5.23 Yes 0.78 Jubilee Shear Zone
SD-22-326 243.49 246.10 2.61 Yes 11.19 Surluga North - Quartz vein network
Including
245.27 245.68 0.41 Yes 69.30

*True Core width is estimated at 70-80% of core length.

Discussion

South – Down Plunge Continuity and Expansion Potential

In the Surluga South discovery, hole SD-21-312A, located 53 m south of the intersection of 3.08 g/t Au over 55.66 m true width (TW) in SD-21-302 (see news release dated November 8 th , 2021), extends to the south the high-grade core of the Surluga South discovery. Hole SD-21-312A a zone of strong quartz veining in the Jubilee Shear Zone that contains 8.00 g/t Au over 10.35 m (TW) including 57.99 g/t Au over 0.92 m (TW). The Company is continuing to explore these thick high-grade intersections with plans for future infill exploration to tie these to the existing resource.

Figure 2 – Surluga South
https://www.globenewswire.com/NewsRoom/AttachmentNg/5bb9f963-8c93-4723-9ef2-f27586b94877

North – Quartz Vein Network

Following the intersection of 8.46 g/t Au over 6.42 m in the Surluga North Quartz Vein Network (news release dated March 30 th , 2022), extending the positive exploration results in this vein system. In a 50 m NW step out hole SD-22-326 intersected the vein system in SD-22-321 with 11.19 g/t Au over 2.61 m including 69.3 g/t Au over 0.41 m.

Mineralization in the Surluga North Quartz Vein Network consists of networks of quartz-tourmaline veins emplaced in a specific intrusive phase of the Jubilee Stock. The vein system has been observed with variable intensity in all the 2022 drill holes completed in the Surluga North area, and visible gold was observed in quartz veins of the network in holes SD-22-337 and SD-22-352.

Figure 3 - Surluga North
https://www.globenewswire.com/NewsRoom/AttachmentNg/f6420c02-5b2b-4ad8-b45a-0a3d10991125

Update on Exploration Drilling – Jubilee Shear Zone South of the Parkhill Fault (Figure 3)

Red Pine is also currently testing the under-explored extension of the Jubilee Shear Zone south of the Parkhill Fault near the Darwin-Grace historical mine. In the two completed (JS-22-356 and JS-22-358), Red Pine intersected the Jubilee Shear Zone demonstrating the potential for a significant strike extension (>2km). In both holes, the upper part of the Jubilee Shear Zone contains positive visual indicators of mineralization that include strong quartz veining associated with sulfide mineralization (assays pending).

Figure 4 – Darwin-Grace and Jubilee-South Shear
https://www.globenewswire.com/NewsRoom/AttachmentNg/9b00e3e0-0aa0-4879-9ba7-0c7975ca494d

Quality Assurance/Quality Control ("QA/QC") Measures

Drill core samples were transported in security sealed bags for analyses at Actlabs in Ancaster, Ontario. Individual samples were labelled, placed in plastic sample bags and sealed. Groups of samples were then placed into durable rice bags and then shipped. The residual coarse reject portions of the samples remain in storage if further work or verification is needed.

Red Pine has implemented a quality-control program to comply with best practices in the sampling and analysis of drill core. As part of its QA/QC program, Red Pine inserts external gold standards (low to high grade) and blanks every 20 samples in addition to random standards, blanks, and duplicates.

Qualified Person

Quentin Yarie, P.Geo. and Chief Executive Officer of Red Pine and the Qualified Person, as defined by National Instrument 43-101, has reviewed, and approved the news release's technical information.

COVID-19 Precautions

Red Pine has developed and implemented compliant precautions and procedures according to guidelines for the Province of Ontario. Protocols were put in place to ensure our employees' and contractors' safety, thereby reducing the potential for community contact and spreading of the virus.

About Red Pine Exploration Inc.

Red Pine Exploration Inc. is a gold exploration company headquartered in Toronto, Ontario, Canada. The Company's common shares trade on the TSX Venture Exchange under the symbol "RPX" and on the OTCQB Markets under the symbol "RDEXF".

The Wawa Gold Project is in the Michipicoten Greenstone Belt of Ontario, a region that has seen major investment by several producers in the last five years. Its land package hosts numerous historic gold mines and is over 6,900 hectares in size. The Company's Chairman of the Board is Paul Martin, the former CEO of Detour Gold. The Board has extensive and diverse experience at such entities as Alamos, Barrick, Generation Mining, Detour Gold and Paramount Gold Nevada Corp. Led by Quentin Yarie, CEO, who has over 25 years of experience in mineral exploration, Red Pine is strengthening its position as a major mineral exploration and development player in the Michipicoten region.

For more information about the Company, visit www.redpineexp.com

Or contact:

Quentin Yarie, President and CEO, (416) 364-7024, qyarie@redpineexp.com

Or

Tara Asfour, Investor Relations Manager, (514) 833-1957, tasfour@redpineexp.com

1 National Instrument 43-101 Technical Report for the Wawa Gold Project, Brian Thomas P.Geo. Golder Associates Ltd, report effective August 18, 2021.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This News Release contains forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.


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